MTN set to raise debt in Nigeria in 2018

News Wireless Nigeria 11 MEI 2018
MTN set to raise debt in Nigeria in 2018

MTN Group plans to borrow as much as NGN 400 billion (USD 1.1 billion) in Nigeria this year as the African operator seeks to fund local investment and replace existing debt, Bloomberg reported. MTN plans to sell bonds and take out long-term loans as well as list its Nigerian unit on the Lagos stock exchange by the end of 2018.

MTN chief financial officer Ralph Mupita said the company wants to gear up MTN’s debt on an operational level away from the holding structure. Mupita said the debt "must be where the EBITDA is and we want to raise as much as possible in local currency." MTN’s net debt rose to ZAR 57 billion in 2017 from ZAR 52 billion the previous year. The company plans to shift its focus from dollar-denominated debt to debt in local currencies where it operates, said Mupita. 


 

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